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Auditor Report of Maharashtra Polybutenes Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of MAHARASHTRA POLYBUTENES LIMITED, which comprise the Balance Sheet as at March 31,2015 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Company's Board of Director is responsible for the matters stated in Section 134(5) of The Companies Act, 2013(The Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts)Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies ;making judgement and estimates that are reasonable and prudent ;and design, and implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. . Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosure in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Company's preparation of the financial statements that give a true view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors,, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion the Financial Statement.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at March 31,2015 ;

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ,issued by the Central Government of India in terms of subsection 11section 143 of the Act hereinafter referred to as the "Order", and on the basis of such checks of the Books and records of the company as we considered appropriate and according to the information and explanations given to us we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act, we report that :

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet, The Statement of Profit and Loss, and Cash Flow Statement dealt with by the Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt by this report comply with the Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts)Rules 2014.

e. On the basis of written representative received from the directors as on March, 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of Section 164(2) of The Act With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 ,in our opinion and to the best of our information and according to the explanation given to us :

1) The Company does not have any pending litigations which would impact its financial position.

ii) The Company did not have any long- term contracts including derivative contracts for which there any material foreseeable losses.

iii) There has been no delay in transferring amounts required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of Maharashtra Polybutenes Limited for the year ended on 31st March 2015.We report that :

1. In respect of its Fixed Assets:

(i) As explained to us the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(ii) As explained to us, the fixed assets have been physically verified by the management during the year and no material discrepancies were identified on such verification.

2. In respect of its Inventories:

(a) As informed to us, the Inventory has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of examination of the records of inventory, we are of opinion that the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. In respect of loans covered u/s 189 :-

a) The Company had granted unsecured advances to parties covered in the register maintained under section 189 of The Companies Act 2013 .

b) The loans granted were re-payable on demand. As informed, repayment have been made during the year whenever demanded by us .whenever stipulated interest and principal have been received regularly There were no overdue of principal and interest .

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. . During the course of our audit, we have not observed any major weakness in the internal system.

5. As informed to us, the company has not accepted any deposits

6. The company has adequate internal audit system commensurate with size of the Company and the nature of its business.

7 Company has maintained the cost records pursuant to the rules made by the Central Government for the maintenance of cost records under Section 148(1) Companies Act, 2013.

8 (a) According to the books of accounts examined by us and also based on representations received from the management and information and explanation given to us, the company has generally been regular in depositing liability towards undisputed statutory dues including Provident Fund, Employees State Insurance, Income tax, Sales tax, Wealth Tax, Service Tax , Duty of Custom, Duty of Excise ,Value added Tax ,cess and any other statutory dues with the appropriate authorities. However the following are the taxes etc which have remained outstanding for more then six month as on the date of the balance sheet i.e .31-03-2015

- except Income Tax (FY 2009-10) of Rs. 38,92,150/- Income tax for ( FY 2011-12) 88,17,679/, Income tax (FY 2012-13) 5,80,100/ - ,TDS (FY 2014-15 ) Rs 247373/ ST (FY 2013-14) of Rs 7,34,615/,ST(F.Y.2014-15) of Rs16537/ and MVAT of Rs. 1,22,16,503- .

(b) According to the information and explanations given to us there are no dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess which have not been deposited on account of dispute.

(c) The amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time.

9 The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

10 Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that Company has not defaulted in repayment of dues to financial institutions / bank.

11. In our opinion and according to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

12 The Company has not raised any term loans

13 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

FOR BKG & ASSOCIATES CHARTERED ACCOUNTANTS

(CA. B.K.Gupta) Partner Membership No.: 040889 Firm Reg. No.: 114852W Place: Mumbai Dated: 28TH May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of MAHARASHTRA POLYBUTENES LIMITED, which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act,1956 read with the General Circular 15/2013 dated September 13,2013 of The Ministry of Corporate Affairs in respect of Section 133 of The Companies Act 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosure in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at March 31,2014;

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 as amended by the Companies(Auditors'' Report )(Amendment )Order 2004,issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act hereinafter referred to as the "Order", and on the basis of such checks of the Books and records of the company as we considered appropriate and according to the information and explanations given to us we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227 (3) of the Act, we report that :

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

b. In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by the Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt by this report comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated September 13,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 .

e. On the basis of written representative received from the directors as on March, 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in paragraph 1 of our Report of even date.

1. In respect of its Fixed Assets:

a) The Company is in the process of maintenance of proper records showing full particulars including details and situations of fixed assets.

b) As explained to us, the fixed assets have been physically verified by the management during the year and no material discrepancies were identified on such verification.

(c) In our opinion the Company has not disposed off any major asset/ substantial part of its business during the year and the ''Going Concern'' status of the Company is not affected.

2. In respect of its Inventories:

(a) As informed to us, the Inventory has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of examination of the records of inventory, we are of opinion that the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. In respect of loans covered u/s 301:-

In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

a) The Company had granted interest bearing unsecured loan of Rs. 7016056/- Including (opening balance) to one party and interest free unsecured advances Rs. 4,13,11,665/- to one party. In respect of the said loans / advances, maximum amount outstanding at any time during the period covered under the audit was Rs.5,86,43,381/- and the year end balance is Rs. 4,95,59,434/-.

b) In our opinion and according to the information and explanation given to us, term and condition of the advance granted by the Company are not prima facie prejudicial to the interest of the Company except non charging of interest on advances of Rs. 4,13,11,665/-.

c) The loans granted were re-payable on demand. As informed, repayment have been made during the year whenever demanded by the lender, thus there has been no default on repayment.

d) In our opinion and according to the information and explanation given to us, the rate of interest and other term and condition of the loan taken by the Company are not prima facie prejudicial to the interest of the Company.

e) The loans taken were re-payable on demand. As informed, repayment have been made during the year whenever demanded by the lender, thus there has been no default on the part of the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any major weakness in the internal system.

5. (a) According to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered where ever applicable.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5 lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. As informed to us, the company has not accepted deposits from the public.

7. The company has adequate internal audit system commensurate with size of the Company and the nature of its business.

8 Company has maintained the cost records pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9 (a) According to the books of accounts examined by us and also based on representations received from the management and information and explanation given to us, the company has been regular in depositing liability towards undisputed statutory dues including Provident Fund, Employees State Insurance, Income tax, tax deducted at sources, excise duty and other material statutory dues wherever applicable to it except Income Tax (FY 2009-10) of Rs. 38,92,150/- Income tax for ( FY 2011-12) 88,17,679/ , Income tax (FY 2012-13) 5,80,100/ CST of Rs 5,54,197/- ST (F Y 2013-14) of Rs. 1,48,227/ and MVAT of Rs. 1,90,90,586/- . No undisputed amounts payable were in arrears in respect of Income tax, tax deducted at sources as at 31/03/2014 for a period of six months from the date they become payable except as mentioned herein.

(b) According to the information and explanations given to us there are no statutory dues which have not been deposited on account of dispute.

10. The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that Company has not defaulted in repayment of dues to financial institutions / bank.

12. According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of this clause are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

16. The Company has not raised any term loans. Accordingly, the provisions of Clause 4(xvi) of the Order are not applicable to the Company.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no fund raised on short term basis have been used to finance long term assets.

18. According to the information and explanations given to us, the company has not made any preferential allotment to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly the provisions of this clause are not applicable to the Company.

19. According to the information and explanations given to us, the company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the company.

20. During the period covered by our audit report, the company has not raised any money by way of a public issue.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

FOR BKG & ASSOCIATES CHARTERED ACCOUNTANTS

(CA. B.K.Gupta) Partner Place: Mumbai Membership No.: 040889 Dated: 12th May, 2014. Firm Reg. No.: 114852W


Mar 31, 2013

We have audited the accompanying financial statements of MAHARASHTRA POLYBUTENES LIMITED, which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosure in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at March 31, 2013 ;

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central

Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227 (3) of the Act, we report that :

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

b. In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by the Report are in agreement with the books of account.

d. In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ;

e. On the basis of written representative received from the directors as on March, 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Companies Act, 1956.

f. At present, no Rules relating to the amount of cess for rehabilitation or revival or protection of assets of sick industrial companies, payable by a company under section 441A of the Act have been notified by the Central Government. Thus, it would not be possible for the auditor to comment on the regularity or otherwise about the cess till the time relevant rules or regulations are issued.

ANNEXURE TO THE AUDITORS'' REPORT

Referred to in paragraph 1 of our Report of even date.

1 In respect of its Fixed Assets:

a) The Company is in the process of maintenance of proper records showing full particulars including details and situations of fixed assets.

b) As explained to us, the fixed assets have been physically verified by the management during the year and no material discrepancies were identified on such verification.

(c) In our opinion the Company has not disposed off any major asset/ substantial part of its business during the year and the ''Going Concern'' status of the Company is not affected.

2. In respect of its Inventories:

(a) As inform to us, the Inventory has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of examination of the records of inventory, we are of opinion that the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3 In respect of loans covered u/s 301:-

In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

a) The Company had granted interest bearing unsecured loan of Rs. 65,41,326/- Including (opening balance) to one party and interest free unsecured advances Rs. 4,15,27,325/- to one party. In respect of the said loans / advances, maximum amount outstanding at any time during the period covered under the audit was Rs.6,70,41,326/- and the year end balance is Rs. 4,91,93,381/-.

b) In our opinion and according to the information and explanation given to us, term and condition of the advance granted by the Company are not prima facie prejudicial to the interest of the Company except non charging of interest on advances of Rs. 4,15,27,325/-.

c) The loans granted were re-payable on demand. As informed, repayment have been made during the year whenever demanded by the lender, thus there has been no default on repayment.

d) During the year the company has taken interest bearing unsecured loan from one party Rs. 1,98,81,110/- ( Including opening balance) during the financial year covered under audit. In respect of the said loan, maximum amount outstanding at any time during the period covered under audit was Rs. 69,04,670/- and the year end balance of the said loan is Rs. 31,91,499/- including accrued interest which are yet to be payable whenever demanded by lenders.

e) In our opinion and according to the information and explanation given to us, the rate of interest and other term and condition of the loan taken by the Company are not prima facie prejudicial to the interest of the Company.

f) The loans taken were re-payable on demand. As informed, repayment have been made during the year whenever demanded by the lender, thus there has been no default on the part of the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any major weakness in the internal system.

5. (a) According to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered where ever applicable.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5 lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. As informed to us, the company has not accepted deposits from the public.

7. The company has adequate internal audit system commensurate with size of the Company and the nature of its business.

8. Company has maintained the cost records pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9 (a) According to the books of accounts examined by us and also based on representations received from the management and information and explanation given to us, the company has been regular in depositing liability towards undisputed statutory dues including Provident Fund, Employees State Insurance, Income tax, tax deducted at sources, excise duty and other material statutory dues wherever applicable to it except Income Tax, Central Sales Tax and MVAT. No undisputed amounts payable were in arrears in respect of Income tax, tax deducted at sources as at 31/03/2013 for a period of six months from the date they become payable except Income Tax (FY 2009-10) of Rs. 42,32,171/- Income tax for ( FY 2011-12) 84,77,658/- CST of Rs. 34,60,117/- and MVAT of Rs. 72,05,565/-

(b) According to the information and explanations given to us there is no statutory dues which have not been deposited on account of dispute.

10. The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that Company has not defaulted in repayment of dues to financial institutions / bank.

12. According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of this clause are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

16. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no fund raised on short term basis have been used to finance long term assets.

17. According to the information and explanations given to us, the company has not made any preferential allotment to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly the provisions of this clause are not applicable to the Company.

18. According to the information and explanations given to us, the company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the company.

19. During the period covered by our audit report, the company has not raised any money by way of a public issue.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year. FOR BKG & ASSOCIATES

CHARTERED ACCOUNTANTS C.A. B.K.Gupta

Partner

Place : Mumbai Membership No.: 040889

Dated : 28th May,2013. Firm Reg. No.: 114852W


Mar 31, 2012

1. We have audited the attached Balance Sheet of MAHARASHTRA POLYBUTENES LTD. as at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments as referred to in paragraph 4, we report as follows:-

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) In our opinion, proper Books of Account as required by law have been kept by the Company so far as appear from our examination of the books.

c) The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in section 211(3C) of the Companies Act, 1956, to the extent applicable.

e) On the basis of the written representation received from the directors as on March 31, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012, from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2012 and

ii) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date: and

iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 3 of our Report of even date.

1. In respect of its Fixed Assets:

(a) The Company is in the process of maintenance of proper records showing full particulars including details and situations of fixed assets.

(b) As explained to us, the fixed assets have been physically verified by the management during the year and no material discrepancies were identified on such verification.

(c) In our opinion the Company has not disposed off any major asset/ substantial part of its business during the year and the 'Going Concern' status of the Company is not affected.

2. In respect of its Inventories:

(a) As inform to us, the Inventory has been physically verified during the year by the management at reasonable intervals.

(b) In our opinion the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of examination of the records of inventory, we are of opinion that the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. In respect of loans covered u/s 301 :-

In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

a) The Company had granted interest bearing unsecured loan of Rs. 65,50,000/- to one party and interest free unsecured advances Rs. 6,00,00,000/- to one party. In respect of the said loans / advances, maximum amount outstanding at any time during the period covered under the audit was Rs. 6,70,41,326/- and the year end balance is Rs. 6,64,95,408/-.

b) In our opinion and according to the information and explanation given to us, terms and conditions of the advances granted by the Company are not prima facia prejudicial to the interest of the Company except non charging of interest on advances of Rs. 6,00,00,000/-.

c) The loans granted were re-payable on demand. As informed, repayment have been made during the year whenever demanded by the lender, thus there has been no default on repayment.

d) During the year the company has taken interest bearing unsecured loan from one party Rs. 4,50,00,000/- during the financial year covered under audit. In respect of the said loan, maximum amount outstanding at any time during the period covered under audit was Rs. 4,50,00,000/- and the year end balance of the said loan is Rs. 69,04,670/- including accrued interest which are yet to payable whenever demanded by lenders

e) In our opinion and according to the information and explanation given to us, the rate of interest and other term and condition of the loan taken by the Company are not prima facia prejudicial to the interest of the Company.

f) The loans taken were re-payable on demand. As informed, repayment have been made during the year whenever demanded by the lender, thus there has been no default on the part of the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal system procedures commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any major weakness in the internal system.

5. (a) According to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered where ever applicable.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5 lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. As inform to us, the company has not accepted deposits from the public.

7. The company has adequate internal audit system commensurate with size of the Company and the nature of its business.

8. We have been informed by the management that the Company is not required to maintain cost records pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956.

9 (a) According to the books of accounts examined by us and also based on representations received from the management and information and explanation given to us, the company have been regular in depositing liability towards undisputed statutory dues including Provident Fund, Employees State Insurance, Income tax, tax deducted at sources, excise duty and other material statutory dues wherever applicable to it except Income Tax, Central Sales Tax and MVAT. No undisputed amounts payable were in arrears in respect of Income tax, tax deducted at sources as at 31/03/2012 for a period of six months from the date they become payable except Income Tax (FY 2009-10) of Rs. 63,92,150/-, CST of Rs. 24,84,737/- and MVAT of Rs. 61,34,710/-.

(b) According to the information and explanations given to us there is no statutory dues which have not been deposited on account of dispute.

10. The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that Company has not defaulted in repayment of dues to financial institutions / banks.

12. According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of this clause are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

16. Based on the audit procedures applied by us and according to the information and the explanations given by the management, the company has raised term loans during the financial year 2011-12 for replacement of spares and components of plant & machineries located at R-802, TTC Industrial Area, Thane Belapur Road, Mahape, Navi Mumbai - 400701 and the said term loan has been utilized for the purposes which they have been raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no fund raised on short term basis have been used to finance long term assets.

18. According to the information and explanations given to us, the company has not made any preferential allotment to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly the provisions of this clause are not applicable to the Company.

19. According to the information and explanations given to us, the company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the company.

20. During the period covered by our audit report, the company has not raised any money by way of a public issue.

21. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For Parekh Shah & Lodha

Chartered Accountants Firm Reg. No. 107487W

Ashutosh Dwivedi (Partner)

M. No.: 410227

Place : Mumbai

Date : 13th August, 2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of M/s MAHARASHTRA POLYBUTENES LIMITED as at 31st March, 2011 and also the annexed Profit and Loss Account and the Cash Flow statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (read with Companies (Auditor's Report) (Amendment) Order,2004) issued by the Central Government of India in terms of sub- section (4A) of Section 227 of the Companies Act, 1956 (hereinafter referred to as the "Act"), we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of accounts, as required by law, have been kept by the company, so far as appears from our examination of these books;

c) The Said Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report have been prepared in compliance with the Accounting standards referred in to in sub-section (3 C) of section 211 of the Act, to the extent applicable;

e) On the basis of the written representations received from the directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director of the company in terms of clause (g) of sub-section (1) of Section 274 of the Act;

Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes appearing in Schedule 16 and elsewhere in the financial statements and our comments in the annexure referred above, give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2011;

(ii) in the case of Profit and Loss Account, of the Profit for the year ended on that date; and

(iii) in the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date;

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS' REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2011 OF M/S MAHARASHTRA POLYBUTENES LIMITED

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

1) a) The Company is in the process of maintenance of proper records showing full particulars

including details and situations of fixed assets.

b) As explained to us, the fixed assets have been physically verified by the management during the year and no material discrepancies were indentified on such verification.

c) No substantial part of fixed assets has been disposed off by the company during the year, and it has not affected the going concern.

2) a) The inventory has been physically verified by the management at reasonable intervals during the year.

b) In our opinion the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business

c) On the basis of examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3) In respect of loans, Secured or Unsecured, granted or taken by the company to/from Companies, firms or other parties listed in the register maintained under section 301 of the companies act, 1956:

a) The Company has not granted any Loans, secured or unsecured to companies, firms or other parties covered in the register maintained u/s 301 of the act.

b) The company has not taken any loans secured or unsecured from the companies, firms or other parties listed in the register maintained under section 301 of the act.

4) In our opinion, and according to information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of the business for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system.

5) a) Based on the audit procedure applied by us and according to the information and explanation provided by the management, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies act, 1956 are at price which are reasonable having regard to prevailing market price at the relevant time.

6) In our opinion and according to the information and explanations given to us the company has not accepted any deposits from public during the year as stated in the provisions of section 58A, 58AA or any other relevant provisions of the companies act, 1956 or the rules framed there under.

7) In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and nature of its business.

8) We have been informed by the management that the Company is not required to maintain cost records pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act.

9) a) Undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, TDS, sales tax, service tax, customs duty, excise duty, cess have generally been regularly deposited with the appropriate authorities.

b) According to the information and explanations given to us, undisputed dues in respect of Provident Fund, Investor Education & Protection Fund, Employees state Insurance, Income-tax, Sales-tax, Wealth-tax, Service-tax, Customs Duty, Excise Duty, Cess and other Statutory dues which were outstanding at the year end for a period of more than six months from the date they become payable is Provision for MAT 67.18 Lacs Only.

10) The Company does not have accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11) Based on our audit procedures and according to the information and explanations given to us, we are of opinion that the company had no over dues payable to financial institutions or banks and no dues payable to debenture holders.

12) As explained to us the company has not granted any loans against securities or pledge of shares, debentures or other securities.

13) The provisions of the chit funds, nidhi or mutual benefit society do not apply to the company.

14) The company is not dealing in or trading in shares, securities, debentures and other investments.

15) According to the records of the company and on the basis of information and explanations given to us, the Company has not given any guarantee during the year for loans taken by others from banks or financial institutions.

16) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, clause 4 (xvi) is not applicable to the company as the company has not raised any term loan during the year.

17) During the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s.301 of the Act.

18) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, the company has not issued any debentures.

19) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, the company has not raised any fund by way of public issue.

20) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no fraud on or by the Company has been noticed or reported to/by us during the course of our audit.

For INDANI & ASSOCIATES Chartered Accountants

(CA Gokul Indani) PROPRIETOR M. NO. 406446

Place : Navi Mumbai Date : May 14, 2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of M/s MAHARASHTRA POLYBUTENES LIMITED as at 31 st March, 2010 and also the annexed Profit and Loss Account and the Cash Flow statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 (read with Companies (Auditors Report) (Amendment) Order, 2004) issued by the Central Government of India in terms of sub- section (4A) of Section 227 of the Companies Act, 1956 (hereinafter referred to as the "Act"), we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

b) In our opinion, proper books of accounts, as required by law, have been kept by the company, so far as appears from our examination of these books;

c) The Said Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report have been prepared in compliance with the Accounting standards referred in to in sub-section (3 C) of section 211 of the Act, to the extent applicable;

e) On the basis of the written representations received from the directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director of the company in terms of clause (g) of sub-section (1) of Section 274 of the Act;

Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes appearing in Schedule 16 and elsewhere in the financial statements and our comments in the annexure referred above, give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010;

(ii) in the case of Profit and Loss Account, of the Profit for the year ended on that date; and

(iii) in the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date;

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH, 2010 OF M/S MAHARASHTRA POLYBUTENES LIMITED

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

1) a) The Company is in the process of maintenance of proper records showing full particulars including details and situations of fixed assets.

b) As explained to us, the fixed assets have been physically verified by the management during the year and no material discrepancies were identified on such verification.

c) No substantial part of fixed assets has been disposed off by the company during the year, and it has not affected the going concern.

2) a) The inventory has been physically verified by the management at reasonable intervals during the year.

b) In our opinion the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business

c) On the basis of examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3) In respect of loans, Secured or Unsecured, granted or taken by the company to/from Companies, firms or other parties listed in the register maintained under section 301 of the companies act, 1956:

a) The Company has not granted any Loans, secured or unsecured to companies, firms or other parties covered in the register maintained u/s 301 of the act.

b) The company has not taken any loans secured or unsecured from the companies, firms or other parties listed in the register maintained under section 301 of the act.

4) In our opinion, and according to information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of the business for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system.

5) a) Based on the audit procedure applied by us and according to the information and explanation provided by the management, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies act, 1956 are at price which are reasonable having regard to prevailing market price at the relevant time.

6) In our opinion and according to the information and explanations given to us the company has not accepted any deposits from public during the year as stated in the provisions of section 58A, 58AA or any other relevant provisions of the companies act, 1956 or the rules framed there under.

7) In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and nature of its business.

8) We have been informed by the management that the Company is not required to maintained cost records pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act.

9) a) Undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales tax, service tax, customs duty, excise duty, cess have not generally been regularly deposited with the appropriate authorities.

b) According to the information and explanations given to us, undisputed dues in respect of Provident Fund, Investor Education & Protection Fund, Employees state Insurance, Income-tax, Sales-tax, Wealth-tax, Service-tax, Customs Duty, Excise Duty, Cess and other Statutory dues which were outstanding at the year end for a period of more than six months from the date they become payable is Service Tax of Rs. 9.14 Lacs Only.

10) The Company does not have accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.

11) Based on our audit procedures and according to the information and explanations given to us, we are of opinion that the company had no over dues payable to financial institutions or banks and no dues payable to debenture holders.

12) As explained to us the company has not granted any loans against securities or pledge of shares, debentures or other securities.

13) The provisions of the chit funds, nidhi or mutual benefit society do not apply to the company.

14) The company is not dealing in ortrading in shares, securities, debentures and other investments.

15) According to the records of the company and on the basis of information and explanations given to us, the Company has not given any guarantee during the year for loans taken by others from banks or financial institutions.

16) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, clause 4 (xvi) is not applicable to the company as the company has not raised any term loan during the year.

17) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long term investment. Except for Following Investments;

a) New Era Advisors Private Limited - Rs. 6,40,00,000/-

b) Gujarat Textiles SEZ Infrastructure Private Limited - Rs. 5,00,000/-

18) During the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Act.

19) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, the company has not issued any debentures.

20) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, the company has not raised any fund by way of public issue.

21) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no fraud on or by the Company has been noticed or reported to/by us during the course of our audit.



For Indani & Associates

Chartered Accountants

Date: 17th May, 2010 CA Gokul Indani

Place: Navi Mumbai Propriator

Membership No.406446